The government introduced the 122nd Constitution amendment Bill.
With recent rate cuts, November collections could be even less
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
BSE Midcap and BSE Smallcap outperformed the frontline indices to gain 0.2% and 0.3%
It was better to first build a single-rate GST with a low rate, achieve full mastery of this, and then consider more complex possibilities such as high rates and multiple rates.
"To begin with, people could face some difficulties because any changeover has its own problems. But it will settle down and the country will benefit from the new indirect tax regime," Jaitley said at an event organised by ABP News.
The budgeted indirect tax collection target is Rs 9.26 trillion, and the Centre has collected around Rs 5 trillion in the first 8 months. So it needs another Rs 4.2 trn in the last four months
The implementation of the GST will indeed be a landmark reform.
On Thursday, the Business Advisory Committee of the Lok Sabha, which allocates time for the Bills and discussions to be taken up for the forthcoming week, met, but the government strategists didn't ask the members to allocate time for the GST Bills for the next week.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
Is the curated and limited data put out by the central government sufficient enough to pass a judgement on the trend in GST collections, particularly that of the Centre?
The Council also discussed process to make return filing simpler with just one return to be filed every month.
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
The Congress, however, said it wanted to see the final print on the wording of the dispute resolution mechanism before committing its support to the Bill
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
No mention of cab aggregators in GST bills
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
'Otherwise, how is the government going to make more revenue?' 'The most important thing the GST does is to transfer money from the household consumers who are the most productive users of capital to the most unproductive users of capital, namely the government.'
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
GST rates would depend upon whether the commodity is used by a rich person or a common man
GST will lead to consolidation of multiple indirect taxes
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
Reform ideas do not occur overnight and evolve over the years.
A slew of challenges that are yet to be resolved include the lack of consensus between the Centre and states over the GST exemption threshold limit, dual control over scrutiny and assessment
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
Chaos in Parliament threw a spanner in the government's efforts to revive the economy and kick-start reforms.
The bill was taken up for consideration in the Lok Sabha after the Speaker rejected Opposition demands to refer the key reform measure to a parliamentary Standing Committee.
A strong proponent of the GST, Adi Godrej has been saying for five years or more that it will add one per cent to India's gross domestic product (GDP).
Here's everything you need to know about the Goods and Services Tax Bill.
Lack of visibility on rates makes companies apprehensive.
There could be a strong incentive for tax payers to avoid the higher tax burden.
Urban markets account for the major share of total revenues.
Preparing legal framework to protect states from revenue loss.
Here's everything you need to know about the Goods and Services Tax Bill.
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